UK inflation fell during October to its lowest point in more than a year, data revealed by the Office for National Statistics (ONS) revealed today (November 12th).
Figures from the body showed inflation is now down to 2.2 per cent, from 2.7 per cent in September, closing in on the government's target rate of two per cent.
Pressure had been growing on the Bank of England to raise interest rates, but this is now expected to ease as a result of the unexpected drop in inflation.
Commenting on the news, economist Rob Carnell at ING explained the falling price of petrol and diesel has had an impact on inflation in recent weeks.
"The ongoing softness in Brent crude prices means there may be a little more of this to come in the months ahead," he said.
Data from the ONS showed transport prices were 1.5 per cent lower between September and October, while air fares and education costs were also down on the previous month.
Inflation in the eurozone was recently revealed to have dropped to 0.7 per cent in October, which the European Central Bank used as a reason behind its decision to cut interest rates to a new record low.
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